Growing demand in Europe for superior hotel rooms helped to lift occupancy rates from 70.5 per cent to 72.7 per cent at PPHE Hotels (PPH). The group has a string of 38 hotels which it owns, leases, manages or operates on a franchise basis, and total revenue in the three months to March grew by 12.4 per cent to €54.6m (£44.9m). As well as higher occupancy levels, an 8.3 per cent increase in average room rates to €123.60 helped to lift revenue per available room by 11.7 per cent to €89.80.
Revenue was also strengthened by a contribution from the group’s flagship art’otel Amsterdam which opened in October last year. Good progress is also being made in renovating Hotel Belvedere in Croatia. The hotel is owned by hospitality group Arenaturist in which PPHE has a minority stake. Other projects in the pipeline include four new hotels and extension and rebranding work that will add over 1,200 rooms to the existing 8,300 room portfolio.
